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The Over-55S With No Pension, No Savings, Just Massive Debts


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The worst saying is " we need the immigrants to fill the positions that UK workers refuse to do " what tosh !!

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Proof if proof were needed...... That same argument was used 40 years ago(?)....... and yet we still need immigration??

In truth the immigration of 40 years ago was to help produce goods and services people wanted, now we have immigration to help produce goods and services government wants. Government thinks it knows best. It doesn't. It can't.

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The problem is that these selfish old people are occupying family sized homes that the next generation need to raise their children in. Granddad needs to understand its time to stand aside and let the new generation get on with building the future which will ultimately pay for their healthcare and surrounding infrastructure.

Where I live we are surrounded by large nice houses near the schools, largely occupied by elderly couples. While the young families are crammed into small houses at the other end of the town.

It’s a terrible situation.

The young families that you say are crammed into smaller houses are there because they can not afford to buy larger houses.

Plenty of availability, problem is larger houses are too expensive for young families. How does Grandad moving out help them?

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The major study, from insurance giant Aviva, found one in five people over the age of 55 still had a mortgage.

The average size of their home loan is £60,440, which will wipe out a large chunk of their monthly income.

Is this really surprising or bad. Many people take out mortgages that end when they plan to retire at 65, so you would expect that people over 55 would still have mortgages.

I'm surprised that so many people over 55 don't have mortgages

Edited by EdiLass
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The problem is that these selfish old people are occupying family sized homes that the next generation need to raise their children in. Granddad needs to understand its time to stand aside and let the new generation get on with building the future which will ultimately pay for their healthcare and surrounding infrastructure.

Where I live we are surrounded by large nice houses near the schools, largely occupied by elderly couples. While the young families are crammed into small houses at the other end of the town.

It’s a terrible situation.

Spot on. I'm waiting for them to vacate the houses but I'll be old myself by the time they do. I feel like Prince Charles!

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I've no idea but the new laws on keeping people on over 65 will make it easier for those 'oldies' who want to stay on and work to do so, and raising the pension age to 66 will mean aq few million younger people will have their work life aspirations delayed by a year.

Unless you happen to be in the positoin of someone I know who will, in all likelihood, be forced to retire on 'ill health grounds' as now she is over 65, the insurance premiums for her are huge!

As an aside, is this against the law?

Edited by CHF
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You are delusional. The over 65's will just carry on working if the value of pensions fall in relation to prices. Your generation may well get your wish to destroy pensions in the UK but all that will do is mean that the older generation will prevent the younger generation from progressing in the world of work. The law of unintended consequence i'm afraid.

you misunderstand the labour market old boy

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thing is - these big houses may be expensive to BUY but are cheap enough to RENT, granted exceptions being somenimby areas inSE, but that's it

handy - means you can easily move into a relevant schol's catchment area flexibly and cheaply

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Unless you happen to be in the positoin of someone I know who will, in all likelihood, be forced to retire on 'ill health grounds' as now she is over 65, the insurance premiums for her are huge!

As an aside, is this against the law?

An employer pushing an employee into compulsory retirement at 65 is entirely legal.

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The young families that you say are crammed into smaller houses are there because they can not afford to buy larger houses.

Plenty of availability, problem is larger houses are too expensive for young families. How does Grandad moving out help them?

Are you retarded?

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:o An average of nearly £100,000 outstanding.

How on earth did those banks think they were going to pay that amount back, at that age?

That's when the banks will start "lobbying" government to change inheritance law to be more like that in Portugal - i.e. debts are inherited by the offspring from the deceased.

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http://www.dailymail...sive-debts.html

I think quite a few on this site will have no sympathy for the plight outline below. The bit that really annoys me is that "as they cannot bear to sell the home where they have lived for decades"  For heaven sake, people who rent get forced to move and not a whisper and many others have been repossessed, why then sympathise with someone who has had years to pay off their mortgage and who will have benefited from huge HPI.

I'm expected to live off MY savings when I'm not working.Sooooooooooo what's good for me is good for them?

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My mortgage will finish when I'm 60. That's because I had to "start again" after a divorce.

Mine would finish when I am 61 if I left it on the standard 25 years, but I should have about 25% of it in cash to pay off in the next few months. So hopefully I can clear it by the time I am 50-55.

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I know there are many older people that bought later in life....but honestly how can someone still owe on a house they bought 20 years ago unless they kept borrowing on the back of it .......I have no sympathy, they can either sell up and move to somewhere smaller or carry on doing what they are doing working until it is theirs. ;)

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The problem is that these selfish old people are occupying family sized homes that the next generation need to raise their children in. Granddad needs to understand its time to stand aside and let the new generation get on with building the future which will ultimately pay for their healthcare and surrounding infrastructure.

Where I live we are surrounded by large nice houses near the schools, largely occupied by elderly couples. While the young families are crammed into small houses at the other end of the town.

It’s a terrible situation.

It's the same on the two old estates I lived on as a kid (Yorkshire), and also in the suburban areas where Mr DJ grew up (London).

Streets and streets of either starter family homes, or mid-sized 3 to 4 bed semis, and there are just no children anywhere -- to the extent with Mr DJ that his old primary school closed down about fifteen years ago because there were no children in the catchment area (and this is suburban London, 30 mins overground from the City).

Instead, his peers who stayed down south are having to move miles out into the back of beyond to find a property that is viable for a one child family (with the incredible extended commute that brings whilst retired folk who don't need to commute anymore live in more viable areas for commuting).

Likewise, the old 1970s estate I grew up on in the North is like a dead zone these days; the same goes for the one I grew up in as a teenager. There's just no young people or children around anywhere. It's all people nearing retirement or on their own in huge four bed detached houses.

But I have to say ... well, where can these people move to? Where can they go? My grandmother downsized from a small two bed terrace in her late 60s to a semi-sheltered one bed flat ... but this sort of thing is like gold-dust now and not really appropriate for a couple in their early 60s.

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But I have to say ... well, where can these people move to? Where can they go? My grandmother downsized from a small two bed terrace in her late 60s to a semi-sheltered one bed flat ... but this sort of thing is like gold-dust now and not really appropriate for a couple in their early 60s.

towns and cities are now full of 1 and 2 bed apartments, if not full of chavs, then these should be handy for 60 somethings, great for the theatre and city centre, and days out around the country by train

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This is the problem with HPC occurring on any scale anytime soon though. There are a lot of people who are uncomfortable, but they don't need to sell right now or perhaps for the next 20 years until they leave in a wooden box. Meanwhile they turn out to vote and elect people who refuse to build decent new homes.

My view is that the free market will solve this, but not in the way many HPCers expect.

If the price of bread quadruples, as does fuel , Council Tax etc, then this will make these people sell, of course we can only hope wages for the working population increase as well - though with retiring boomers I am expecting to see severe skilled labour shortages and large wage rises over the course of the next 15 years.

Just for the record, another of my friends has just left a large IT firm for a bank and has practically doubled his salary. Right now the less skilled workers are still sitting tight, but  some employees are making moves to substantially improve their position. I also met with a guy from another major IT firm yesterday who said they were now looking for a new leader and ideally a salesman rather than an accountant - ie they are planning for growth.

You need to check your facts, there is no 'boomer' population bulge in the UK, its an American thing. the turd in the UKs water pipe is currently around the age of 43 now and a few years either side of it. There will be no massive skills shortage on account of the 'boomer' age group retiring, firstly as per my first point, and secondly most of them lose their jobs by the age of 50 on account of it being a criminal activity to be employed at that age and as such most businesses 'manage' them out of their positions and most certainly most companies dont recruit people over the age of 50 as a general rule.

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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